Red Bank property owners could face a 5.6-percent increase on their borough school tax bills, according to a report in Tuesday?s Asbury Park Press.
A proposed $22.8 million budget for the 2013-2014 school year,? introduced Monday night, calls for a 5.64-percent increase that board of education members blamed on soaring insurance costs and a five percent increase in the student population, the newspaper reported.
From the Press:
Projected insurance increases from 22 percent to 25 percent in medical coverage to a 15- to 20-percent increase in flood insurance, have resulted in a proposed hike in the local school tax rate. It would be 3.1 cents per $100 of assessed value over the current school year?s rate of 58.3 cents per $100. The average home assessed at $405,522 would see an annual increase of $121, said Debra Pappagallo, business administrator. That doesn?t include municipal, regional high school or county taxes.
A public hearing and final vote on the spending plan is scheduled for 7:30 p.m., March 28,? at the primary school.
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Posted on March 5, 2013 at 5:53 am, filed under Children, Education, Government, red bank, schools, Taxes and tagged insurance, morana, nj, red bank, school, tax. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Trackbacks are closed, but you can . Email this story.Source: http://www.redbankgreen.com/2013/03/up-insurance-enrollment-school-tax.html
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